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The Council of State rejected the case opened for Crypto payments.
The Central Bank of the Republic of Turkey's (TCMB) faced an unfavorable outcome from the lawsuit filed against the unexpected regulation that banned cryptocurrency payments in April 2021. The Council of State rejected the request to annul the decision in the case initiated by the law firm GlobalB, which lasted 4 years. Thus, the ban on payments with cryptocurrencies will continue.
GlobalB claimed that the regulation was not in compliance with the laws, thus it was unlawful, and also that this "disproportionate ban" was not in the public interest. The petition also stated that banning the use of crypto assets as a means of payment interfered with property rights and freedom of contract.
The defendant, the Central Bank of the Republic of Turkey (TCMB), stated that the regulation only prohibits the use of cryptocurrencies in payments and does not "touch" ownership or investment rights, indicating that the institution has the authority to regulate payment systems under Law No. 1211 and Law No. 6493.
In its defense, the Central Bank also stated that restrictions were imposed for the sake of public interest, as crypto assets carry risks such as value volatility, security vulnerabilities, and their use in illegal activities.
There is a right to file a lawsuit, but…
In the reasoned decision of the Council of State, it was stated that the plaintiff GlobalB company has the right to file a lawsuit due to its business development with payment institutions and the potential impact of this regulation. However, the decision also expressed that the Central Bank of the Republic of Turkey (TCMB) has the authority to determine payment systems and instruments, in accordance with the Constitutional Law No. 1211 and Law No. 6493.
The Council of State, while rejecting the case and deciding in favor of the continuation of the regulation (prohibition), drew attention to the fact that the decision was also made by a majority vote.
It had caused astonishment
The decision published by the Central Bank at midnight during the most active bull season of 2021, when cryptocurrencies began to be seriously recognized by large crowds in Turkey, had caused great shock and sadness in the Turkish crypto community. Some companies had to halt their operations and close down.
Published: July 23, 2025 17:45 Last Update: July 23, 2025 17:55